According to the latest numbers from Vietnam Steel Association (VSA), the country’s steel exports in the first half if 2019 (Jan-Jun) has observed a considerable surge of 21% y-o-y basis to 3.44 MnT whereas in terms of value the same has increased by 4% against the corresponding period of the previous year.
If we analyse the country’s region-wise exports, the highest exports have been made to ASEAN countries (Association of Southeast Asian Nations), followed by United States, and the European Union. In the ASEAN bloc, Cambodia continues to remain the largest importer of Vietnamese steel during the January-June period with 882,000 tonnes, valued at USD 527.7 million, 48.2% higher in volume and 37.5% higher in value from the first half of last year.
It was followed by Indonesia with 366,000 tonnes worth USD 245.3 million and Malaysia with 373,700 tonnes worth USD 230.7 million. Vietnam recorded significant growth in exports to China, Brazil, Japan, Saudi Arabia, Pakistan and the Philippines.
Exports to U.S. and EU registers a fall
Although Vietnam exported steel products to U.S. and EU in H1 2019, the same observed a significant decline in both volume and value. About 285,000 tonnes of steel and iron were exported to the U.S. registering a reduction of 35% y-o-y basis and earned USD 223.2 million with 41% decline in value. Meanwhile, steel exports to the EU dropped 30% in volume and 41% in value to 204,000 tonnes and USD 137 million respectively.
Statistics from the department revealed that Vietnam also spent USD 4.82 billion importing 7.15 MnT of steel and iron in the first half of the year, up 4% in volume but down 2% in value compared to the same period last year. The country’s major providers of steel and iron were mainland China, the Republic of Korea, Japan, Taiwan and ASEAN nations.
As per the report from Ministry of Industry and Trade (MoIT)’s department Vietnam steel is subjected to the highest number of trade defence investigations in the world because it is produced by many countries and is considered a product related to national security.
Along with U.S. other countries such as Canada, Turkey and EU have also launched investigations to apply safeguard measures to the entire steel industry. That is not to mention the fact that other countries have increased the number of anti-dumping and anti-subsidy investigations of specific steel items and specific countries. However, despite various trade restrictions, Vietnam is still able to register an increase in its steel exports volume during the first half of 2019.
Vietnam records significant Surge off 22% in Steel Exports for H1 2019
According to the latest numbers from Vietnam Steel Association (VSA), the country’s steel exports in the first half if 2019 (Jan-Jun) has observed a considerable surge of 21% y-o-y basis to 3.44 MnT whereas in terms of value the same has increased by 4% against the corresponding period of the previous year.
If we analyse the country’s region-wise exports, the highest exports have been made to ASEAN countries (Association of Southeast Asian Nations), followed by United States, and European Union. In the ASEAN bloc, Cambodia continues to remain the largest importer of Vietnamese steel during the January-June period with 882,000 tonnes, valued at USD 527.7 million, 48.2% higher in volume and 37.5% higher in value from the first half of last year.
It was followed by Indonesia with 366,000 tonnes worth USD 245.3 million and Malaysia with 373,700 tonnes worth USD 230.7 million. Vietnam recorded significant growth in exports to China, Brazil, Japan, Saudi Arabia, Pakistan and the Philippines.
Although Vietnam exported steel products to U.S. and EU in H1 2019, the same observed a significant decline in both volume and value. About 285,000 tonnes of steel and iron were exported to the U.S. registering a reduction of 35% y-o-y basis and earned USD 223.2 million with 41% decline in value. Meanwhile, steel exports to the EU dropped 30% in volume and 41% in value to 204,000 tonnes and USD 137 million respectively.
Statistics from the department revealed that Vietnam also spent USD 4.82 billion importing 7.15 MnT of steel and iron in the first half of the year, up 4% in volume but down 2% in value compared to the same period last year. The country’s major providers of steel and iron were mainland China, the Republic of Korea, Japan, Taiwan, and ASEAN nations.
As per the report from Ministry of Industry and Trade (MoIT)’s department Vietnam steel is subjected to the highest number of trade defense investigations in the world because it is produced by many countries and is considered a product related to national security. Along with U.S. other countries such as Canada, Turkey and EU have also launched investigations to apply safeguard measures to the entire steel industry. That is not to mention the fact that other countries have increased the number of anti-dumping and anti-subsidy investigations of specific steel items and specific countries. However, despite various trade restrictions, Vietnam is still able to register an increase in its steel exports volume during the first half of 2019.
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